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Investing.com -- President Donald Trump will sign an executive order Thursday that will enable the inclusion of alternative assets like private equity, real estate, and cryptocurrency in 401(k) retirement accounts.
The order represents a significant development for industries seeking access to the approximately $12.5 trillion currently held in these retirement accounts.
According to a Bloomberg report on Thursday, the executive order will instruct the Labor Department to reassess guidance regarding alternative asset investments in retirement plans governed by the Employee Retirement Income Security Act of 1974.
The Labor Department will also be tasked with clarifying the government’s stance on fiduciary responsibilities related to offering asset allocation funds that include alternative holdings.
As part of the initiative, Trump will reportedly direct Labor Secretary Lori Chavez-DeRemer to collaborate with officials at the Treasury Department, Securities and Exchange Commission, and other federal regulators to determine if rule changes are necessary to support this effort.
The SEC will be specifically asked to help facilitate access to alternative assets for participant-directed retirement plans.
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